|
Ian Gordon, an analyst at Investec summed up the market's reaction succinctly. "Any relief at the avoidance of a full breakup is tempered by significant shareholder value destruction in measures announced today," he wrote in a note to clients. RBS also said Friday that it would accelerate the divestment of Citizens, its American banking subsidiary, planning an initial public offering for 2014. It made the announcement in its earnings report, which showed that the third-quarter net loss narrowed to 828 million pounds from 1.4 billion in the same period last year. It also reportedly suspended two traders in its foreign exchange arm amid an international investigation into the manipulation of currency markets. McEwan declined to comment on the case but said the bank would come down hard on anyone breaking the rules.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.